Shawbrook removes 3% margin increase at expiry of STL facility
21 October 2015
Shawbrook Bank continues its focus on driving positive customer outcomes as an agenda item across its offering and has today announced the removal of the 3% margin increase across its Short Term Loan product range. Historically, the Bank approved a Short Term Loan to overrun where the customer had completed on their objectives for the property, but the sale/ refinance had fallen after the original loan expiry date.
Commenting on this hugely positive development, Karen Bennett, Sales & Marketing Director for Shawbrook Commercial said:
“We felt that penalising customers on this basis was not a strong outcome and have consequently removed this 3% margin as a matter of policy across all new STL business offered from Wednesday 21 October 2015 onwards. Whilst an overrun is still a breach of the loan agreement and should be avoided wherever possible, we are aware that there may be mitigating circumstances and in keeping with our pragmatic approach to lending - we are happy to be flexible.”
Shawbrook has dedicated significant resource throughout 2015 to improving its proposition in terms of flexibility and cost, and this development is a significant one for the STL borrower.
